Capital One Platinum

Anonymous · ‎03-09-2018

I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

Anonymous · ‎03-09-2018

There are many instances where one's "starter" card through Capital One won't grow as your credit score does.

If your credit score grows, you're better off cold apping or seeing if you're prequalified for one of the better cards... That is after your credit improves significantly first.

LCC_mk14 · ‎03-09-2018

A lot of it depends on the starting line, IMO.

My platinum started with 2k and is now 9k, increased over 4 years. I upgraded it to a Venture One not too long ago.

Anonymous · ‎03-09-2018

@Anonymouswrote:
I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

What is your credit limit?

Anonymous · ‎03-09-2018

300 :/

toadsworth · ‎03-09-2018

Mine started at $300, grew to a whopping $850 in a year and a half. Lame thing is, recently I prequal’d for the platinum preferred and for some reason I went for it and got a SL of... $500. No more new capital one for me, once it’s done with credit steps I’ll combine the two and sock drawer them since my old one is my second oldest card.

My score has gone up 150ish points since then and my income has gone up considerably as well. Lots of new accounts and inquiries though. Oh well.

Kind of have everything I want now, creditwise. Undeliberately gardening until I have some spending to do and find a 100,000 Amex Platinum offer lol

Started my credit journey August 2016, after abstaining from credit for years after some poor financial choices in high school. Started with scores in the 580s. Current scores 11/6/18 - EQ: 754 TU: 757 EX: 743

From oldest to newest: DuPage CU Visa Platinum, SL 500 now 3750, Cap1 Platinum SL 300 PC'd to QS now 1600, Alliant Credit Union Share Secured Loan $500, Amex BCE SL 5000 now 600, Neiman Marcus SL 700 now 10000, Target RedCard SL 400 now 2900, Amex ED SL 10000 now 500 (combined with Cash Magnet), Chase AARP SL 800 now 3300, Chase Amazon Prime SL 1000 now 10000, Honda Lease, Discover it SL 1000 now 7000, Synchrony PayPal 2% CB SL 3000 now 10000, Barclays Uber Visa SL 800 now 2100, Citi ThankYou Preferred SL 3300 now 5300, Chase Ritz-Carlton SL 10000 now 1500 (moved to other cards to get annual fee refund), Comenity Total Rewards Visa SL 2000 now 3250, US Bank Cash+ SL 500 recon'd to 10000, US Bank Reserve LOC 1000, Union Bank Rewards Visa SL 5000 now 5000, Amex Cash Magnet SL 9900 now 20000, Cap1 Venture SL 10000 now 10000, Discover it 3000 SL now 4000, Amex SPG Luxury 3100 SL now 3100, Amex Amazon Business Prime 10000 SL now 10000, Amex Gold NPSL, US Bank Premier LOC 5000, US Bank Visa Platinum 5400 SL currently reconning

Combined revolving CL $135,300

Goal: Spring 2019 800+ club, $50,000 combined Amex limit

Anonymous · ‎03-09-2018

It seems as though people with the lower SL’s stay with lower CLIs. I honestly am not thinking it’s worth it to even keep it once I get my next approval.

Gollum · ‎03-10-2018

@Anonymous@Anonymous wrote:
I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

Read "Credit Card Asset-Backed Securities (ABS) and why some subprime card never grow or graduate" written by ABCD2199:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619

Sub-prime credit cards are useful to those who are building credit for the first time or re-building credit after credit/financial problems.

Some people have a Capital One Platinum credit card (issued in the past) that is not a sub-prime card, but a Capital One credit card that starts with a low limit will probably always have a low limit. The article written by ABCD2199 (link above) explains why.

Credit Scores: (FICO 8) 846 Experian April 2024, 844 TransUnion April 2024 | (FICO 9) 849 Equifax April 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500

Anonymous · ‎03-10-2018

I had two starter capital one cards. Both improved status over time through PC. One is now sitting at $5000 CL and Quicksilver with no annual fee, and the second had moved to $2000 and QuicksilverOne. Both were under $500 when I got them. So yes, it happens

Anonymous · ‎03-10-2018

I appreciate it Gollum. And Chris, how long did it take you to get there though?